IFRS 'facing a critical year'...
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The prospect of a global accounting language is a welcome one, but 2009 will be a critical year for the adoption of International Financial Reporting Standards (IFRS), according to one expert.
Will Rainy, global head of IFRS at Ernst and Young, explained that as an International Accounting Standards Board moratorium on the issuing of new standards has now come to an end, companies using IFRS face a wave of new standards and interpretations.
He said: "With almost 500 pages of new or revised standards and interpretations, companies face a major challenge getting up to speed on and correctly applying the new requirements."
The changes could have an impact on things such as IT systems, merger deals and share-based payment plans as well as accounting, Mr Rainey added.
Yesterday, Fitch Ratings claimed that 2009 will be a pivotal year for accounting. Fair value will be a particular focus, the firm stated.
Will Rainy, global head of IFRS at Ernst and Young, explained that as an International Accounting Standards Board moratorium on the issuing of new standards has now come to an end, companies using IFRS face a wave of new standards and interpretations.
He said: "With almost 500 pages of new or revised standards and interpretations, companies face a major challenge getting up to speed on and correctly applying the new requirements."
The changes could have an impact on things such as IT systems, merger deals and share-based payment plans as well as accounting, Mr Rainey added.
Yesterday, Fitch Ratings claimed that 2009 will be a pivotal year for accounting. Fair value will be a particular focus, the firm stated.
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